Incorporated in 2011, Crizac is a business to business (B2B) education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, The Republic of Ireland, Australia and New Zealand (ANZ).

The company has 10,362 registered agents worldwide, who are part of its proprietary technology platform as of March 31, 2025, including 3,948 active agents during Fiscal 2025.

Over the past 3 fiscal years, the company sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on the company’s proprietary technology platform. The company processed over 7.11 lakh student applications while working with over 173 global institutions of higher education.

Some of the global higher education institutions the company partnered with include the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University, and Swansea University.

The company has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of March 31, 2025, the company had a team of 368 employees and 12 consultants with extensive experience in the international educational landscape.

The company has 2 overseas subsidiaries - Crizac (CrizacUK)(100% of the shares acquired in November 20,2023 ) and UCOL FZ.

Object of the offer

The IPO comprises an entire offer for sale (OFS) of 3,51,02,041 equity shares at higher price band.

Promoter Pinky Agarwal will be offloading shares worth Rs 723 crore, while Manish Agarwal will sell Rs 137 crore worth of shares in the OFS.

The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders.

Strengths

Crizac has built significant experience in the recruitment solutions for global institutions of higher education, which has enabled the company to develop a deep expertise and understanding of the markets and cultures in which it operates, which is demonstrated by the company processing over 7.11 lakh student applications while working with over 173 global institutions of higher education during the last 3 fiscal years.

The company has established long standing relationship with a global network of institutions across United Kingdom, Republic of Ireland, Canada and USA. The company has long-standing relationship of over 5 years with more than 20 global institutions out of the top 30 global institutions of higher learning.

The company has wide ranging network of educational agents for sourcing students for recruitment. It has around 10,362 registered agents globally who are registered on the company’s proprietary technology platform and in FY2025 it had around 3948 active agents.

One of the key features of the company’s service offerings is its strong focus on technology. The company’s proprietary technology platform facilitates streamlined communication between its registered agents globally and the global institutions of higher education and provides a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility.

Weaknesses

The company is heavily dependent on a few global institutions of higher education for its revenue and any loss of such global institutions of higher education may have an adverse impact on the company’s business.

The company is heavily dependent on the service of its agents and loss of any or all such agents may have an adverse impact on the company’s operations.

The company faces geographical concentration risk as it derived more than 95% of its revenues in FY2025 from United Kingdom.

The global higher education institutions with whom the company collaborate with have varying standards to assess their qualifications for earning income from educational consultancy services.

Changes in the regulations for visas from foreign countries or restrictions on travel could have an impact on the company’s operations.

Adverse geopolitical conditions such as increased tensions between any of the country of students and the country of the global institutions of higher education, resulting in any conflict, including closing borders or including any military conflict in the region could adversely affect the operations in both the countries, i.e., the country of the students and country of the global institutions of higher education.

A slowdown in economic growth in India, or in the countries in which the company operates, or a global economic instability could result in lower growth in revenues and impact profitability.

Valuation

In FY2025, consolidated sales were up by 60.3% to Rs 849.496 crore compared to FY2024. An increase in revenues was on account of contribution from Crizac UK which became a material subsidiary of the company post the acquisition on November 20, 2023(FY2025 was the first full year of consolidated operations). OPM declined by 260 bps to 25.05%, which led to a 45.2% increase in operating profit to Rs 212.82 crore. The other income declined 72.6% to Rs 35.29 crore, and depreciation increased 239.9% to Rs 45.66 crore. PBT before exceptional item declined 22.6% to Rs 202.44 crore. PBT after exceptional items stood at Rs 202.44 crore in FY2025 as against Rs 186.78 crore in FY2024. Tax expenses for FY2025 were Rs 49.55 crore compared to tax expense of Rs 68.86 crore in FY2024. Net profit increased 29.7% to Rs 152.93 crore.

FY2025 EPS on post-issue equity works out to Rs 8.7. At the upper price band of Rs 245, P/E works out to 28.03x.

The company does not have any comparable listed peer companies in India which provide international student recruitment solutions to global institutions of higher education.